Rupee appreciation: Car rates dropped by Rs75,000

LAHORE - Indus Motor Company limited (IMC), the manufacturer and distributor of Toyota range of passenger cars and commercial vehicles, has announced a substantial reduction in prices of their products by up to 75,000 rupees. Following the recent strengthening of rupee against the US dollar, IMC has taken the initiative of passing on the benefit of strengthening rupee to the customers.Recently, the Pak Rupee has strengthened in value due to government’s efforts in wake of Ministry of Finance’s commitment to stabilize the rupee.Ali Asghar Jamali, the Chief Operating Officer, IMC, hailed government’s efforts in this respect and said “We appreciate the Government of Pakistan’s move to stabilize the rupee in such challenging times. The Ministry of Finance pledged to stabilize the rupee and have delivered their promise. We are very grateful to Finance Minister, Ishaq Dar, for delivering on his promise. As an organization committed to delighting customers, we are immediately passing on the accrued benefits to our customers. Earlier this year, we reduced the prices of our Corolla Xli Standard by around 89,000 rupees and now, we have yet again, taken an industry first initiative of reducing the prices by up to 75,000”, he said. He further stated that, “IMC has always put the interest of consumers at the forefront and we aim to provide quality products at the most affordable prices in Pakistan. Our localization efforts are directed towards making cars more affordable for the domestic customers”. The subject price reduction comes at a time when costs of doing business are rapidly increasing due to energy crisis, law and order situation that drives up security costs and risks. “The full benefits of the strengthening rupee have yet to set in for the industry, however, due to our customer first code, we are immediately passing on the benefits to the consumers”, he added.The prices for Xli/Gli variants have been reduced by 50,000 rupees and prices of Altis variants have seen a reduction of Rs. 75,000. Similarly the prices of Hilux range of pickups have been reduced by 10,000 to 30,000 rupees.